Paycheck Calculator with Deductions
See your real take-home pay after pre-tax deductions — 401(k)/403(b), health insurance premiums and HSA/FSA — plus federal, state and FICA taxes. Pre-tax deductions lower your taxable income, so they raise your net pay by more than the dollar you contribute.
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Frequently Asked Questions
How do pre-tax deductions affect my paycheck?
Pre-tax deductions — such as a 401(k), health-insurance premium or HSA — come out of your gross pay before income tax is calculated. That lowers your taxable income, so you pay less federal and state income tax. The result: each dollar you put into a pre-tax deduction reduces your take-home pay by less than a dollar, because part of it would have gone to tax anyway.
Does a 401(k) contribution reduce my taxable income?
Yes. Traditional 401(k) and 403(b) contributions are pre-tax, so they reduce the wages subject to federal (and most state) income tax. For example, a $10,000 contribution for someone in the 22% bracket cuts income tax by about $2,200. Note that 401(k) contributions do not reduce Social Security and Medicare (FICA) taxes — those are still calculated on your full gross pay.
Which deductions are taken out before taxes?
Common pre-tax payroll deductions are traditional 401(k)/403(b) retirement contributions, employer health/dental/vision insurance premiums, HSA and FSA contributions, and some commuter benefits. Roth 401(k) contributions are after-tax and do not lower taxable income. This calculator lets you enter a 401(k) percentage plus annual health, HSA/FSA and other pre-tax amounts.
How much does a 401(k) actually save me in taxes?
Your tax saving equals your contribution times your marginal tax rate (federal + state). At a 22% federal rate with no state tax, $15,000 of pre-tax deductions saves about $3,300 in income tax — so your take-home only drops by about $11,700, not the full $15,000. Enter your numbers above to see your exact saving and net pay.